PEMBROKE PINES, Fla., April 18, 2024 /PRNewswire/ — Lennar, one of the nation’s leading homebuilders, announced the debut of Tuscan Springs, a new townhome community offering elegant exteriors and a host of amenities allowing homeowners to enjoy the community to its fullest.
Tuscan Springs offers five well thought-out two-story townhome designs with spacious open concept floorplans ranging from 1,455 to 1,828 square feet of living areas, with three to four bedrooms, two-and-a-half baths, a convenient two-car garage and a fenced rear patio for outdoor enjoyment. Homeowners will enjoy access to an onsite pavilion with a swimming pool and sundeck area, lush park with walking paths, and a convenient mail kiosk all in one convenient location, just steps from their new home. These new townhomes start in the mid $600,000s.
“Life at Tuscan Springs will feel like you’re always on vacation, located in a highly sought-after neighborhood just a short drive away from spectacular shopping and dining venues, and near South Florida’s best beaches and beautiful national parks ,” said Phil Serrate, Division President for Lennar Southeast Florida” This is an exciting opportunity for homebuyers to enjoy a fresh start in a brand-new neighborhood,”
Every home offers Lennar’s signature Everything’s Included® program, where the homebuilder’s most popular options and upgrades are built into the base price of the home. At Tuscan Springs, this includes easy-care mica countertops, stainless-steel appliances and a host of other carefully curated interior touches and designer fixtures.
Home to many top rated schools, Pembroke Pines is recognized as “#1 in Florida as Best Place to Raise Your Kids.” Homeowners at Tuscan Springs will enjoy the benefits of easy access to South Florida’s Turnpike, and endless potential for recreation and excitement at Hollywood Beach, the 299-acre C.B. Smith Park, Seminole Hard Rock Hotel and Casino, as well as numerous shopping and dining destinations.
For more information on these new home opportunities, call 855-865-011 or visit www.lennar.com/new-homes/florida/ft-lauderdale/pembroke-pines.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar’s technology, innovation and strategic investments. For more information about Lennar, please visit lennar.com.
Contact: Danielle Tocco
Vice President Communications
Lennar Corporation
[email protected]
Direct Line: 949.789.1633
SOURCE Lennar Corporation
Still, builders have the advantage as we head into the spring selling season. Limited resale inventory, the narrowing of the price spread between new and resale homes, the value proposition of a new home in the face of higher home prices and mortgage rates, and the use of incentives and buydowns to help address affordability challenges have contributed to more home shoppers funneling into the new home market.
“Stability in mortgage rates is key for housing demand,” said Ali Wolf, chief economist with Zonda. “When house hunters start their search able to afford a home at one price and just days later the parameters change because mortgage rates have moved, it causes confusion and frustration. Herein lies the benefit of buying a new home today given mortgage rate buydowns and extended rate locks.”
New home sales have a healthy start to the year
Zonda’s new home sales metric counts the number of new home contract sales each month and accounts for both cancellations and seasonality. This metric shows there were 664,380 new homes sold in January on a seasonally adjusted annualized rate. This was a decline of 1.6% from last month but an increase of 11.7% from a year ago. On a non-seasonally adjusted basis, 55,257 homes were sold, 12.2% higher than last year and 2.1% below the same month in 2019.
Zonda’s revised numbers show 674,000 new homes were sold in the full year of 2023, an increase of 12% from 2022.
The New Home PSI was down slightly month-over-month
Total sales volume is influenced by both supply and demand. Zonda’s New Home Pending Sales Index (PSI) was created to help account for fluctuations in supply by combining both total sales volume with the average sales rate per month per community. The January PSI came in at 128.8, representing a 13.6% rise from the same month last year. The index is currently 26.1% below cycle highs. On a month-over-month basis, seasonally adjusted new home sales decreased 1.2%.
- The markets that posted the best numbers relative to last year were Las Vegas (+68.6%), Phoenix (+51.6%), and Los Angeles/OC (+44.7%). These markets were still slow in early 2023 following the pullback in 2022. The base effect of those low levels contributed to the large YOY percentages.
- San Francisco (-7.8%), Charlotte (-6.7%), and New York (-2.6%) declined year-over-year.
- On a monthly basis, New York, Las Vegas, and Cincinnati performed best.
Nearly half of new home markets were overperforming in January
In order to add further context on the metro level, we created the Zonda Market Ranking (ZMR). The ZMR accounts for both sales pace and volume, is seasonally adjusted, and is taken as a percentage relative to a baseline market average. Based on the percentage above or below baseline, markets are bucketed into performance groups ranging from significantly underperforming to significantly overperforming relative to historical activity.
- The National ZMR index came in at 103.7 in January, indicating an average market, an improvement from a slightly underperforming market last year.
- The major metros overperforming their historical averages most in January 2024 were Chicago, Fort Collins, and Las Vegas.
- Five markets were significantly underperforming – San Francisco, San Jose, Reno, Salt Lake City, and Portland. Seattle, Durham, Austin, and Orlando were slightly underperforming.
- Among our top fifty markets, 46% were overperforming, 36% were average, and 18% were underperforming. Last month, 36% were overperforming, 42% were average, and 22% were underperforming.
- Importantly, the ZMR does not account for what it takes to sell a home. For example, securing a sale might still feel difficult in a “significantly overperforming” market, but if incentives offered result in a sale, we count the sale.
Prices declined again for entry-level and move-up segments
National home prices fell 1.8% for entry-level to $331,174 and 1.3% for move-up to $519,307. Prices rose 1.0% for high-end homes to $912,911.
Supplementing our data with a monthly survey Zonda conducts, 42% of builders reported raising prices in January, up from 18% in December. Further, 54% reported holding prices flat, down from 71% last month.
Incentives are still common in today’s housing market to help address the affordability constraints for buyers. 56% of new home communities across the country offered incentives in January, flat month-over-month. Incentives have been a critical sales tool in today’s market.
Community count rose year-over-year for 11th consecutive month
There are currently 14,409 actively selling communities tracked by Zonda, up 4.2% from last year. On a month-over-month basis, the national figure slipped 1.7%. Total community count is 24.5% below the same month in 2019. The lack of competition from other new home communities has allowed for some upward pressure on the average sales rate per month per community. Zonda defines a community as anywhere where five or more units are for sale.
- Salt Lake City (+18.8%), Austin (+14.6%), and Orlando (+13.0%) grew community count the most year-over-year. Relative to 2019, community count was down 25%, 15%, and 30%, respectively.
- The biggest community count declines were in San Francisco (-19.0%), Philadelphia (-15.4%), and Baltimore (-12.8%).
- Community count rose month-over-month in 4% of our select markets, 4% were flat, and 92% fell.
National quick move-ins (QMIs) totaled 26,891, down 13.9% compared to last year and 12.5% lower month-over-month. Total QMIs are 145.3% above 2019 levels. QMIs are homes that can likely be occupied within 90 days.
For many consumers, QMIs provide a great option given the lack of resale supply. As a result, some builders have pivoted to a more spec-heavy strategy to help capture today’s buyers.
- On a metro basis, 24% of Zonda’s select markets increased QMI count year-over-year. The markets that grew the most year-over-year were Riverside/San Bernardino (+28.6%), Las Vegas (+24.0%), and Cincinnati (+23.6%).
- Las Vegas, Cincinnati, and Phoenix have seen the most growth in QMIs compared to the same time in 2019, up 212.2%, 152.8%, and 143.7%, respectively.
- QMIs are down the most compared to 2019 in Seattle (-66%), San Francisco (-62%), and Baltimore (-55%).
Methodology
The Zonda New Home Pending Sales Index (PSI) is built on proprietary, industry-leading data that covers 60% of the production new home market across the United States. Reported number of new home pending contracts are gathered and analyzed each month. Released on the 15th business day of each month, the New Home PSI is a leading indicator of housing demand compared to closings because it is based on the number of signed contracts at a new home community. Zonda monitors 18,000 active communities in the country and the homes tracked can be in any stage of construction.
The new home market represents roughly 10% of all transactions, allowing little movements in supply to cause outsized swings in market activity. As a result, the New Home PSI blends the cumulative sales of activity recently sold-out projects with the average sales rate per community, which adjusts for fluctuations in supply. Furthermore, the New Home PSI is seasonally adjusted based on each markets’ specific seasonality, removes outliers, and uses June 2016 as the base month. The foundation of the index is a monthly survey conducted by Zonda. It is necessary to monitor both new and existing home sales to establish an accurate picture of the relative health of the residential real estate market.
Visit ZondaHome.com or follow us on LinkedIn and Facebook for more information.
About Zonda
Zonda provides data-driven housing market solutions to the homebuilding industry. From builders to building product manufacturers, mortgage clients, and multifamily executives, we work hand-in-hand with our customers to streamline access to housing data to empower smarter decisions. As a leading brand in residential construction, our mission is to advance the home building industry, because we believe better homes mean better lives and stronger communities. Together, we are building the future of housing.
Media Contact
Valerie Sheets, Zonda, 949-294-9557, [email protected], https://zondahome.com
SOURCE Zonda
MEMPHIS, Tenn., Jan. 5, 2024 /PRNewswire/ — On December 27, 2023, Pittco Management, LLC (Pittco), alongside 1819 Partners, a private investment firmed based in Memphis, TN, completed an additional equity investment into Crockett Partners Equipment Company (Crockett Partners). Crockett Partners was formed to own, rent, and resell construction and industrial equipment.
“I am excited by the progress of Pittco’s first investment in Crockett Partners and happy to increase our investment in this high potential partnership,” said Henry Guy, Pittco President and Chief Investment Officer. “1819 Partners has worked diligently to form an alliance of like-minded investors to take advantage of this stellar opportunity.”
“Since day one, Pittco has been an invaluable ally helping us take Crockett Partners from ideation to where it is today,” said Andrew Hursey, Managing Director at 1819 Partners. “With its compelling opportunity set, we are eager for Crockett Partners to work towards delivering on its full potential for all its investors.”
ABOUT PITTCO MANAGEMENT, LLC
Pittco is the single-family office for Joseph R. “Pitt” Hyde III, founder of AutoZone, and his wife, Barbara. Pittco was established over 30 years ago, and provides investment, accounting, tax, and financial services from its headquarters in Memphis, Tennessee.
For more information, please visit: http://www.pittcomanagement.com.
Media Contact:
Pittco Management, LLC
[email protected]
901-685-5455
SOURCE Pittco Management, LLC